Finance Management Platform and Method

Abstract

A finance management platform and method are disclosed. A model element data repository encodes a plurality of model elements representing invoicing outcomes, each model element including a score value. A processor is configured to execute computer program code for providing a finance management platform for a plurality of clients, including receiving invoicing data from a client data repository remote from the finance management platform, translating the received invoicing data into a common format and store the invoicing data in the common format in an invoice data repository, accessing the model element data repository and determine one or more of the model elements applicable to the invoicing data, calculating an overall score for the invoicing data from the applicable model element's scores and triggering a communication to a payment processor and an update to the invoice data repository upon the overall score exceeding a predetermined threshold.

Description

CROSS-REFERENCE TO RELATED APPLICATION[0001]This application claims priority to Great Britain Patent Application No. 1714876.8, filed Sep. 15, 2017, which is hereby incorporated by reference in its entirety.FIELD OF THE INVENTION[0002]The present invention relates to a system and method that are particularly applicable to improving supply chain finance.BACKGROUND TO THE INVENTION[0003]A supply chain consists of a series of supplier-buyer relationships. While the supplier is interested in any outstanding accounts being settled as early as possible to be able to use this capital for new investments, etc., for the same reasons the buyer is interested in settling as late as possible. For this reason, many suppliers offer discounts on payments being made before the date set in the contractual payment terms.[0004]Traditional supply chain financing (SCF) allows financiers to pay the supplier on behalf of the buyer, who pays the funder back at a significantly later date (the contractual pay...

AI Technical Summary

Benefits of technology

This patent aims to improve the efficiency of supply chain finance by automatically processing invoices as soon as they are received, without the need for buyer approval. This frees up capital earlier and allows smaller suppliers to access the programmes. The system uses data mining and machine learning to automatically approve invoices, based on a scoring system. It also reduces the uncertainty about the risk of financing to funders by using an algorithmic prediction model. The system allows funders and suppliers to view relevant information and reconcile payments with underlying economic transactions. Overall, the system aims to create added value and improve financial metrics for all parties involved.

Problems solved by technology

Whilst supply-chain financing has had some take-up by large corporations, it is seen as complex and the implementation and management costs are often considered to outweigh the advantages.

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